PSEi Outlook for Nov. 14 – 18, 2011

Posted by Bonner Dytoc
Friday, November 11, 2011 23:12

The Philippine Stock Exchange Index (PSEi) continues to stay above the moving averages to keep the whole market afloat and give traders a glimmer of hope.  However, that doesn’t mean that we’re out of the woods yet.

As we mentioned, the index is keeping itself above the moving averages to keep things bullish.  However, we need to see more upward momentum for the index to be convinced that things are turning around instead of it forming a reversal pattern.  The MACD continues to gain upward momentum but has slowed down a bit this week.  Yet, it hasn’t shown any signs of turning bearish.  These indicators are temporarily giving us some hope for the near future.

Since the DJIA has been going through some sideways movement, we should also expect that the PSEi could follow suit up to some degree.

Recommendation: Buy selectively
Support: 4276

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